5 months ago
46
Michele Bullock warns inflation is ‘homegrown’ and will remain high for two more years. Follow the day’s news live
Good morning and welcome to our rolling news coverage. I’m Martin Farrer and I’ll be bringing you the best of our overnight and breaaking news stories before handing the news baton to my colleague Mostafa Rachwani.
Despite rate hikes and gloomy consumer sentiment, house prices across Australia have risen 8.1% since their slump in January. They have been driven by growth to record highs in Brisbane, Perth and Adelaide, according to Corelogic, although the data firm sees the pace of price increases falling off as interest rates remain high, as indicated last night by Reserve Bank governor Michele Bullock. She said in a speech in Sydney that the bank was braced for a “challenging” year ahead as it confronts “homegrown” price pressures which will keep inflation above the norm and force interest rates to remain higher for longer.
Continue reading...